OECD raises forecasts for Turkey’s economy, cuts for S. Korea
However, the Organization lowered their forecasts for Turkey’s economic growth for 2015 to 3.2% from 4%. The Organization stated that Turkey’s estimated growth will be unable to prevent an increase in unemployment. According to the report released by the Organization, Turkey’s inflation rate will be 9% compared with the initial estimates of 8% this year while it also increased estimates for the country’s inflation for 2015 to 7.4% from 6.5%.
The Organization expects South Korea’s economy to grow by 3.8% in 2015, down from the previously estimated rate of 4.2%. The report showed that the country’s estimated private consumption will climb by 3% in 2015 compared with the estimated rate of 1.8% for 2014. The unemployment is projected to stand at 3.4% in 2015 when compared to 3.5% this year.
For the global economy, the OECD predicted it will grow by 3.3% for 2014 and 3.7% for 2015. The Organization’s growth estimates for 2015 were reported at 3.1% for the US, 1.1% for Germany, 1.1% for the Eurozone, 0.8% for Japan and 7.1% for China.
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